Jersey City, New Jersey, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Verified Market Research® recently published a report, “Conversational AI Market” By Technology (Deep Learning, Automated Speech Recognition, Natural Language Processing), By Deployment Type (On-Premises and Cloud), By Vertical (BFSI, Media & Entertainment, Retail & eCommerce, Travel & Hospitality, Telecom), and By Geography.
As per the deep research carried out by Verified Market Research®, the global Conversational AI Market size was valued at USD 3.89 Billion in 2019 and is projected to reach USD 18.02 Billion by 2027, growing at a CAGR of 21.02% from 2020 to 2027.
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Browse in-depth TOC on “Conversational AI Market”
202 - Pages
126 – Tables
37 – Figures
Global Conversational AI Market Overview
Conversational AI focuses on the use of messaging apps, chatbots to automate conversation, speech-based help, and customizing consumer experiences. Artificial intelligence (AI) in the form of conversational AI enables daily interactions between users and software, websites, and hardware through the use of speech, text, touch, and gesture data.
In open conversations and activities involving personal help, it is essential. Natural language understanding (NLU) and machine learning (ML) breakthroughs in AI applications enable businesses to expand phenomenally with explicit information. Conversational AI offers businesses a method to communicate with customers through personalized interaction and collect an unmatched amount of crucial business information. For users, it enables quick interaction using their own vocabulary or words. Not only will this boost client satisfaction, but it will also generate a tonne of useful data.
Enterprises must make sure that conversational chatbots accurately comprehend the intent and tone of the interaction in order to accomplish this. That further personalisation can be enabled by the conversational AI solution's seamless integration with back-end data and third-party databases. Customers are already replacing phone calls, texts, and emails with conversational AI platforms to communicate with friends and family. Nowadays, messaging has a tendency to be preferred above other means of communication, especially among younger people. Additionally, messaging apps and traditional texting are being used to plan a variety of social gatherings, which is pushing more practical and secure messaging programmes into the market.
The market is expanding as a result of technological development and advances in the area of artificial intelligence. On the market, there are a number of conversational AI solution providers who concentrate on developing chatbots and virtual assistants using open platforms with minimal user-specific features. Other factors driving the market's expansion include the low cost of chatbot applications and the increased usage of omnichannel deployment techniques.
Additionally, the increasing use of AI-based consumer services is benefiting market expansion. Over the past few years, conversational AI solutions have been adopted by social media sites. Many users, especially the younger generation, spend the majority of their time on social media websites. Business and consumer cooperation in branding and advertising go hand in hand. Through product reviews and the social network of the company, they contribute to product awareness. The use of conversational AI systems that will facilitate the deployment of chatbots and virtual agents across various social media platforms has been made possible by the increased adoption of bots by social media platforms.
Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Conversational AI Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Key Players
The “Global Conversational AI Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Amazon Web Services, Inc., Microsoft, Oracle, IBM, Google LLC, SAP ERP, Baidu, Inc., Nuance, Artificial Solutions, Haptik, and Creative Virtual.
Based on the research, Verified Market Research® has segmented the global Conversational AI Market into Technology, Vertical, Deployment Type, and Geography.
- Conversational AI Market, by Technology
- Machine Learning and Deep Learning
- Automated Speech Recognition
- Natural Language Processing
- Conversational AI Market, by Deployment Type
- On-Premises
- Cloud
- Conversational AI Market, by Vertical
- BFSI, Media & Entertainment
- Retail & e-commerce
- Travel & Hospitality
- Telecom
- Conversational AI Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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